Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $11.30 Consensus Price Target from Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given an average rating of “Moderate Buy” by the fourteen research firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $11.80.

PTEN has been the subject of several recent analyst reports. Barclays upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $10.00 to $15.00 in a research note on Thursday, May 7th. Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Stifel Nicolaus lifted their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, April 24th. The Goldman Sachs Group lifted their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. Finally, Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research note on Monday, April 20th.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the completion of the sale, the director directly owned 1,190,248 shares in the company, valued at approximately $14,330,585.92. The trade was a 21.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the sale, the chief executive officer owned 2,823,103 shares of the company’s stock, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 808,949 shares of company stock worth $9,387,035 in the last 90 days. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several large investors have recently bought and sold shares of PTEN. Sourcerock Group LLC increased its stake in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares in the last quarter. Holocene Advisors LP increased its stake in Patterson-UTI Energy by 176.6% during the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock worth $47,801,000 after buying an additional 5,891,956 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after buying an additional 5,551,276 shares in the last quarter. UBS Group AG increased its stake in Patterson-UTI Energy by 121.2% during the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock worth $50,839,000 after buying an additional 4,558,445 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Patterson-UTI Energy by 97.7% during the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after buying an additional 4,442,700 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $12.06 on Wednesday. The stock has a 50-day simple moving average of $10.59 and a two-hundred day simple moving average of $8.12. The firm has a market capitalization of $4.58 billion, a P/E ratio of -38.90 and a beta of 0.64. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $12.62. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company’s revenue was down 12.7% compared to the same quarter last year. On average, equities analysts forecast that Patterson-UTI Energy will post -0.21 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s payout ratio is currently -129.03%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.